$1M is NOT enough for retirement
It's better than nothing, but if that's all you're able to save, you'll be living like the seniors who saved $250-$300K
When they were saving that money, it felt like a lot
But when they retired, it probably felt like they didn't have even close to enough
$1M isn't enough to retire because the US dollar will continue to be devalued for a LONG time
In 25 years, $1M will have the same purchasing power as ~$200k today
$2M will be worth ~$400k
$5M will be worth ~$1M
This isn't because the money in your bank account will somehow disappear
It's because money can be printed faster than goods can be produced
I think we will see high inflation (I'm guessing ~5%) over the next few decades because the US will have to borrow more money to pay back the interest on its debts, adding more money to the economy each year
At a 10% growth rate, you'll need to invest $2500/month into the S&P 500 to get to $5M
Most people will NEVER be able to retire
This is why I always talk about #Bitcoin